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Old 07-22-2009, 07:44 AM
 
Location: Between Raleigh, Wilmington and Morehead City
31 posts, read 91,252 times
Reputation: 50

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Personally, I would not invest my money in a subdivision that is at the heart of a criminal investigation which centers around the developers and the ex govenor of NC.
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Old 07-24-2009, 08:31 AM
 
Location: Cape Carteret, NC
13 posts, read 41,353 times
Reputation: 16
Quote:
Originally Posted by RobioAXP View Post
Anyone have thoughts on Cannonsgate now that the developers are facing a lawsuit and property values have declined so rapidly?

I don't want to dwell on the events that led to this awful situation that many property owners are in. I wonder though...what happens to Cannonsgate next?

I've been searching for years for property in Carteret County (with water access and view), and Cannonsgate was always one I immediately passed over due to price. Now that many of the lots are in foreclosure (look at the Bank of America REO site, for example), I wonder if there is any silver lining in buying one of these distressed properties? After all, much of the infrastructure is in. For someone who has been woefully priced out of Cannonsgate until now, I have to wonder if it might be a good time to buy? After all, I personally am not looking for a short-term investment, but want a property I can eventually build on, share with family, and most importantly provide me with a strong community (eventually) and access to the ICW.

Does anyone have any thoughts on Cannonsgate as it stands today? What happens to the infrastructure? Is there still a stipulation to build a home by 2013? Are the highly inflated property tax values to be amended? I searched the Carteret GIS and noticed that about half the property is within the flood zone, but I found some forclosure lots outside of the zone for ~ $90k. I did notice that lot sizes on many of these are less than .25 an acre. Isn't that like an elephant in a tea cup? Is this normal for the coast? The lot I was initially researching on Marshland Cir is only .17, so I'm not sure what kind of home would even fit on it

Thanks for sharing your thoughts! I feel like there are finally some opportunities for me to find a good piece of property in Carteret/Onslow with water view that I can afford. I want to buy now to use in the future with my young family, but just can't seem to find the right spot.
Might be a good time...due to unfortunate situation with some owners, there are opportunities to get in there at a good price now. All amenities have been deeded to the HOA by the developer debt free. There is a collection process in place for homeowners in arrears on dues, and banks have to pay in the case of foreclosures.
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Old 10-02-2009, 05:05 AM
 
Location: Cape Carteret, NC
13 posts, read 41,353 times
Reputation: 16
Developer no longer has property in there. HOA owns and is running the subdivision. All amenities are completed. So there are great opportunities to get property in Cannonsgate at a great price today. This is true wherever and whenever there are foreclosures and short sales for whatever reason. It remains a beautiful area with direct intracoastal access and deep water marina that is a RARE FIND along the Carolina coastline! Cannonsgate values, as well as other real estate values, will rise when our economy improves, who knows how long that will be. Still, opportunity exists now for those who can recognize and act upon it. There are some who are doing that .
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Old 10-02-2009, 11:39 AM
 
Location: Morehead City, NC
1,676 posts, read 5,357,197 times
Reputation: 1244
Easley deal may have helped raise lot prices - State - News & Observer

Feds want to hear from permitters | newsobserver.com projects

More tangles - Editorials - News & Observer
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Old 10-02-2009, 08:10 PM
 
Location: Cape Carteret, NC
13 posts, read 41,353 times
Reputation: 16
1. Might have.....

2. Could be.....

3. Political, political.......

4. Still , Cannonsgate is beautiful today, tomorrow, and yesterday, opportunities exist as stated, values will increase in time, there, as in other areas, as they always do.
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Old 10-03-2009, 01:55 PM
 
3 posts, read 13,369 times
Reputation: 11
sgoines,

I am seeing even LOWER prices than listed on the BluewaterGMAC site on bank REO sites -- these appear to not even be listed on Bluewater. So you know anything about these properties? Will they eventually be listed on MLS? Do you ever see and end to the prices going south? How many properties are currently bank owned??

Thanks
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Old 10-03-2009, 02:00 PM
 
3 posts, read 13,369 times
Reputation: 11
Also, one more question - what are the rules on building?? Do all homes have to be built by a certain time?? What happens if the owner doesn't? Are any more homes under construction?
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Old 10-04-2009, 06:30 AM
 
Location: Cape Carteret, NC
13 posts, read 41,353 times
Reputation: 16
Quote:
Originally Posted by davescottcc View Post
sgoines,

I am seeing even LOWER prices than listed on the BluewaterGMAC site on bank REO sites -- these appear to not even be listed on Bluewater. So you know anything about these properties? Will they eventually be listed on MLS? Do you ever see and end to the prices going south? How many properties are currently bank owned??

Thanks
Yes, there are bank owned properties that are not on the Bluewater site or on MLS. We are not exclusive agency, there but I am continuing to follow activity. My company does own some lots in there. Other realtors in the county do also. Alison, my colleague , and I are trying to keep a list of lots available. Not certain exactly how many bank-owned lots, it is changing all the time. As I said, there are opportunities that some are taking now. When all of these are sold, then values will return. Not good news now for current owners who want to sell and who initially bought for a quick "flip" profit. Those are some of the ones who are choosing to " walk away" from this, creating the current buying opportunity.
There are many owners who are wanting to build and live in Cannonsgate. Most of those have circumstances that are delaying that, i.e. a house to sell elsewhere before they can move here, retirement delayed due to state of the nationwide economy, etc., etc. There are a few that are close to starting the house building process. Spec building, obviously, is not an option right now , in there, or elsewhere, due to financing being tight and the unknowns about the economy in general. There are lenders, however, who are quite willing to grant mortgages to a credit-worthy individual who is ready to build now. So the rumor that "there is no money" is not true. Wells Fargo, BB&T, Sound Bank, and PrimeLending are some who have stated that they will lend money there.
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Old 10-04-2009, 06:46 AM
 
Location: Cape Carteret, NC
13 posts, read 41,353 times
Reputation: 16
Quote:
Originally Posted by davescottcc View Post
Also, one more question - what are the rules on building?? Do all homes have to be built by a certain time?? What happens if the owner doesn't? Are any more homes under construction?
The rule in the covenants currently states house must be built within 5 years. A new buyer now has 1 year in addition to the time left on the 1st buyer's time. As written, if not built by timeline, the developer could take back the lot at the original price paid (most would LOVE that right now!) Since the developer is not there any more ( all property has been sold)and certainly does not want the property back, it is a moot point. The intention of that was to promote the development of the project , and to discourage or limit the "buy and hold" mentality of investors.
It is my understanding that the HOA is working on getting that altered, since it does not really work for the current situation, however, would not want to allow property to be held forever with no development. Hope this answers your questions...
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Old 06-18-2010, 05:44 AM
 
419 posts, read 1,242,630 times
Reputation: 192
Its been over 8 months since the last post. Has there been any more construction activity in this development? There are a handful of lots in the 50k price range which have piqued my interest. It is a little unnerving that after several years, I'm only aware of one house being built. Anybody know what the monthly HOA dues are?
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